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New Retirement Plan Contribution Limits for 2019
November 02, 2018IRA contribution limits have changed for the New Year. Take a look at some adjustments to phase-out ranges and contribution limits for 2019.
The Internal Revenue Service has issued the annual cost of living adjustments for 401(k) contributions, pension plans, and other retirement related matters. There are a few changes to modified adjusted gross income limits that you’ll want to note, and an important change to individual retirement plan contribution limits (the first change in over 5 years!)
The limits
Individual Retirement Plan Limits 2019—first change since 2013!
Contribution Limits | 2019 | 2018 | 2017 |
|---|---|---|---|
IRA Contribution Limit | $6,000 | $5,500 | $5,500 |
IRA Catch-Up Contributions | $1,000 | $1,000 | $1,000 |
*The catch-up contribution limit for employees ages 50 and over who contribute to 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan remains unchanged at $6,000.
Phase-out ranges for 2019:
Traditional IRA MAGI Limits | 2019 | 2018 | 2017 |
|---|---|---|---|
Married filing jointly; a spouse who participates in an employer-sponsored plan | $103,000- $123,000 | $101,000- $121,000 | $99,000- $119,000 |
Married filing jointly; a spouse who does not participate in an employer sponsored plan | $193,000- $203,000 | $189,000- $199,000 | $186,000- $196,000 |
Single or Head of Household | $64,000- $74,000 | $63,000- $73,000 | $62,000- $72,000 |
For Roth IRAs, if your MAGI falls within the applicable range, you can make a partial contribution, but if it exceeds the top of the range, you are not allowed to make a contribution.
Roth IRA MAGI Limits | 2019 | 2018 | 2017 |
|---|---|---|---|
Married filing jointly | $193,000- $203,000 | $189,000- $199,000 | $186,000- $196,000 |
Single or Head of Household | $122,000- $137,000 | $120,000- $135,000 | $118,000- $133,000 |
The contribution limit for workers who are enrolled in 401(k), 403(b), most 457(b), and the federal government’s Thrift Savings Plan has changed from $18,500 to $19,000.
Interested in learning more about tax-advantaged retirement saving strategies?
Contact our Tax Team for more information.
